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China’s Bonds Only One to Gain Among Biggest Markets in Rout

  • Chinese securities rose last quarter even as global bonds slid
  • China, Japan debt markets were two least volatile in the world
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Photographer: Qilai Shen/Bloomberg
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China’s government bonds outpaced their competitors in the first quarter as their haven status helped them stand out as a bulwark amid the global slump. Japan’s securities led developed nations, though still handing investors a narrow loss.

The two north Asian markets helped investors preserve value as signs of a burgeoning global recovery amid the rollout of vaccines pushed up debt yields around the world. A Bloomberg Barclays index of global bonds slid 5.5% in the first three months of the year, the worst quarter in four years. China and Japan had another thing in their favor too: they had the lowest volatility among 44 debt markets tracked by Bloomberg.